Hovde downgrades BOK Financial to 'market perform'

Hovde Group downgrades U.S. regional lender BOK Financial Corp BOKF.O to "market perform" from "outperform"

Brokerage says recent valuation improvement leave limited upside versus peers despite improving net interest margin and fee income in Q3 2025

Hovde says BOKF merits a premium to peers on strong fee businesses; adds the bank is a less likely M&A player

Brokerage says BOKF should focus on strong deposit franchises that are very scarce, and there is likely to be some potential disruption opportunities from the Comerica–Fifth Third and Cadence–Huntington deals

Meanwhile, brokerage raises PT to $129 from $122, basing valuation on 13x FY27E EPS amid expectations of ~9–10% organic earnings growth in the next two years

4 of 10 brokerages rate the stock "buy" or higher and 6 hold; their median PT is $119 — data compiled by LSEG

As of last close, BOK up 13.3% YTD